Microsoft Store offers $100 credit for PS3, Xbox 360 trade-in

Hoping to make an upgrade to the Xbox One that much more tempting, Microsoft has unveiled a new promotion that offers Microsoft Store visitors a $100 credit in exchange for their PlayStation 3 or Xbox 360.

Before you rush out to hand over your gaming device, keep in mind that there are a few caveats to this deal. First, Microsoft isn't accepting just any old Xbox 360. If you plan to trade yours in, it will have to be either an Xbox 360 Elite or the more recent Xbox 360 Slim. Owners of the original Xbox 360 model are out of luck, though the Microsoft Store will accept any variation of PlayStation 3.

Additionally, the fine print attached to this promotion notes that you don't necessarily need to use this $100 store credit toward an Xbox One, but that if you aren't trading in your old console towards Microsoft's newest gaming device you may not receive the full $100. "To receive maximum trade in value, you must purchase an Xbox One at the same time," reads a notice on the Microsoft Store website. "Any appraised value will be determined at trade in and provided as store credit, subject to Microsoft's discretion and approval."

The final caveat is that this deal is only available in select Microsoft Store locations. To see if your local store is participating, visit the Microsoft Store site, then click the "Your Store" link at the top of the page. If available, you should see the $100 credit advertised front and center.